New Builders: Face to Face With the True Future of Business

Despite the popular belief that entrepreneurship in the US is thriving, the reality is quite different. The Covid pandemic has accelerated a negative trend in American entrepreneurship, with new firms being started at a slower rate, employing fewer workers, and being formed disproportionately in just a few major cities. Large chains are opening more locations, and companies such as Amazon are rapidly displacing Main Street businesses. The dominant image of an entrepreneur as a young, white male starting a tech business on the coasts is incorrect, as today's American entrepreneurs are more likely to be female and non-white. The average age of the average American entrepreneur is 42, and the most successful entrepreneurs are 45. The New Builders are women, people of color, immigrants, and people over 40, and they are the fastest-growing groups of entrepreneurs. The government had a much bigger role than is widely known in driving Silicon Valley's entrepreneurs, and small businesses are playing an increasingly important role in saving the wilderness, small towns, and redlined communities. We need to support these entrepreneurs and turn the decline in entrepreneurship around.

Format: Hardback
Length: 304 pages
Publication date: 24 June 2021
Publisher: John Wiley & Sons Inc

Despite widespread misconceptions, entrepreneurship in the United States is experiencing a decline that has been ongoing since before the Great Recession of 2008. The COVID-19 pandemic has further accelerated this negative trend, leading to a slower rate of new firm formation, reduced employment, and a disproportionate concentration of new businesses in a few major cities. At the same time, large chains are expanding their presence, with companies like Amazon rapidly displacing traditional Main Street businesses.

In The New Builders, we delve into the stories of the next generation of entrepreneurs and advocate for the future of American entrepreneurship. This future holds promise in unexpected places, particularly with the success of women, Black, and Brown entrepreneurs. However, our country has yet to recognize the identities of the New Builders and develop strategies to support them.

The prevailing misconception about American entrepreneurship is that it is thriving and contributes to the nation's economic power. In reality, the opposite is true. The image that often comes to mind when thinking about an entrepreneur is a young, white male starting a technology business in Silicon Valley, New York, or Boston. These individuals are often portrayed as self-confident, well-versed in business funding, and surrounded by a network of peers and mentors who are eager to help their businesses succeed and grow.

However, this portrayal is far from the reality of entrepreneurship in the United States. The truth is that entrepreneurship is not just limited to a specific demographic or geographic location. It encompasses individuals from diverse backgrounds, including women, people of color, and those from low-income communities. These entrepreneurs are driven by passion, creativity, and a desire to create meaningful change in their communities and the world.

Despite the challenges they face, these New Builders are making significant contributions to the economy. They are creating new jobs, driving innovation, and fostering a sense of entrepreneurship and innovation across the country. However, their stories are often overlooked or underrepresented in the media and in policy discussions.

One of the key misconceptions about entrepreneurship is that it is solely driven by venture capital and private equity. While these sources of funding are important, they are not the only drivers of entrepreneurship. Small businesses, in particular, are the backbone of the American economy and are responsible for creating the majority of new jobs. However, these businesses often face significant barriers to growth, including limited access to capital, regulatory challenges, and a lack of support from government agencies.

To address these challenges and support the growth of entrepreneurship, it is essential to develop policies that promote innovation, investment, and access to capital. This includes initiatives such as tax credits for small businesses, grants for research and development, and programs that support entrepreneurship education and training. It also requires a shift in mindset, from a focus on individual entrepreneurs to a recognition of the importance of networks and communities.

In conclusion, entrepreneurship in the United States is not dying, but it is facing significant challenges. The COVID-19 pandemic has accelerated this decline, leading to a slower rate of new firm formation, reduced employment, and a disproportionate concentration of new businesses in a few major cities. However, the future of American entrepreneurship holds promise in unexpected places, particularly with the success of women, Black, and Brown entrepreneurs. To support the growth of entrepreneurship and ensure a vibrant and diverse economy, it is essential to recognize the identities of the New Builders, develop policies that promote innovation, investment, and access to capital, and shift the focus from individual entrepreneurs to networks and communities.

Weight: 646g
Dimension: 162 x 236 x 22 (mm)
ISBN-13: 9781119797364